Soybean Meal

Milling wheat is a high-protein wheat variety used for bread, pasta, and baked goods. Protein content (typically 11-14%) determines suitability for different flour applications. Black Sea wheat has become the world's most competitive export origin, while US Hard Red Winter and Canadian Western Red Spring are premium grades.

Feed wheat is a lower-protein wheat grade used in animal nutrition, particularly for poultry and livestock rations. It is typically sourced from the Black Sea region and Europe at a discount to milling wheat. Feed wheat competes with corn as an energy source in feed formulations.

Corn (maize) is the world's most produced cereal grain, used for animal feed, ethanol production, and food ingredients. US Yellow Corn No.2 is the global benchmark. Brazil has emerged as a major second-crop (safrinha) exporter, competing with US and Argentine supplies.

Soybeans are the world's most important oilseed, crushed to produce soybean meal (animal feed) and soybean oil (cooking, biodiesel). Brazil has overtaken the US as the largest exporter. GMO vs. non-GMO origin commands significant price differentials in European and Asian markets.

Soybean oil is the second most consumed vegetable oil globally, used in cooking, food processing, and increasingly as biodiesel feedstock. Crude degummed soybean oil is the primary traded form, with refining done at destination. US biofuel mandates have significantly boosted domestic demand.

Long grain rice is a staple food for billions, characterized by grains three to five times longer than wide. Thailand's Hom Mali, Vietnamese 5% broken, and US long grain are major export grades. Rice is one of the most trade-restricted commodities, with export bans common during supply shocks.